US STOCKS-U.S. futures higher ahead of Fed statement

July 29 (Reuters) - U.S. stock index futures rose on
Wednesday on hopes that Beijing could stem the rout in its
markets and ahead of a statement from the U.S. Federal Reserve
that could give clues regarding the timing of a rate hike.

* Investors are focused on the outcome of the Fed's two-day
policy meeting with markets divided on whether it will take a
hawkish or dovish stance. No move on rates is expected this
week.

* In a recent congressional testimony, Fed Chair Janet
Yellen neither ruled out a September interest rate hike nor
guided the market toward thinking it was a done deal. The
statement is expected at 2 p.m. ET (1800 GMT).

* U.S. interest rates have remained near zero for nearly a
decade. Higher rates increase the cost of borrowing for
companies.

* Pledges from Chinese regulators to buy shares to stabilize
stocks if needed and hints of more policy easing from the
central bank also soothed sentiments.

* With second-quarter reports well under way, analysts now
expect overall earnings of S&P 500 companies to edge up 0.3
percent and revenue to decline 4.0 percent, according to Thomson
Reuters data.

* Companies expected to report on Wednesday include
MasterCard before the bell while Facebook and
MetLife are scheduled after the close.
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